All 19k applicants for first issue of Singapore Savings Bonds to get full amounts applied for

SINGAPORE -  A total of 19,505 individuals applied for the first issue of the Singapore Savings Bonds for a total amount of S$413.16 million, the Monetary Authority of Singapore (MAS) announced on Monday (Sept 28).

As the total application amount did not exceed the first issue's S$1.2 billion total, all applicants will receive their application amount in full, subject to the limit of S$50,000 per individual.

The application results were set to be unveiled on Monday, following the end of the savings bonds' application period on Sept 25. The bonds will be formally issued on Oct 1.

"Successful applicants of the first Savings Bond issue will receive a letter from CDP ( Central Depository) within three to five business days informing them of the amount of Savings Bonds they have received," MAS said in a statement released Monday.

The second issue will be announced on Oct 1 and issued on Nov 2, MAS added.

 

Earlier this month, MAS unveiled the first issue details, with the bonds promising 2.63 per cent of average coupon rate per annum over 10 years.

The product has a unique "step-up" feature, which grants more interest returns the longer the bonds are held.

whwong@sph.com.sg